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Decoding Prudential’s LGBT Financial Experience Survey

  November 7, 2017  |    #Eliminate Debt

Prudential’s LGBT Financial Experience Survey

If you’ve ever wondered who makes up the Rock Star Research Team behind Prudential’s LGBT Financial Experience Survey or how they use their findings, today’s your lucky day! We’re diving deep into this LGBT information-dense study with two of its authors, Josh Stoffregen and Supriya Sanyal.

The minds behind Prudential’s LGBT Financial Experience Survey

If you’re a regular Queer Money™ listener, you know that Prudential’s LGBT Financial Experience Survey is an often-cited source of information. Who came up with this study, and what’s their take on the findings?

Josh is the VP of Global Communications—Retirement at Prudential Financial. He has been with the firm since 2009, and he was the project lead for the 2012 inaugural study of Prudential’s LGBT Financial Experience Survey. Supriya joined Prudential Financial in February of 2014 and serves as Director of Audience Insights—Global Strategic Research. As a market research professional, her expertise lies in providing results-focused data-driven insights for business-to-client and business-to-business clients.

Today Josh and Supriya offer insight into the findings of Prudential’s LGBT Financial Experience Survey, explaining the inspiration behind the study, what it takes to put the data together, and the differences between the 2012 and 2016 findings. They discuss what’s behind the disparity between the financial status of gay versus straight populations and why such a high percentage of the LGBT community considers themselves to be ‘spenders.’ Listen in to understand the changing face of retirement and why you should enlist the help of a financial advisor to ‘make the most of what you have, whatever you have.’

Hear from the brain trust behind Prudential’s LGBT Financial Experience Survey:

Topics Covered on Prudential’s LGBT Financial Experience Survey

The inspiration behind Prudential’s LGBT Financial Experience survey

  • Studying marginalized communities since 2000
  • Women, African American, Hispanic, Asian
  • Launched LGBT study in 2012
  • White papers in 2013, 2015 (after Windsor, Obergefell decisions)
  • Refresh of data in 2016

What it takes to put Prudential’s LGBT Financial Experience Survey data together

  • Requires cross-functional corporate team
  • Questions that will shine light on unique concerns, add business value
  • Work with external partners (i.e.: LGBT Community Center of NYC, HRC)
  • Incorporate employee voice, diversity and inclusion team
  • Make sure info is useful, sensitive to needs of community

The differences between the 2012 and 2016 findings

  • Rate of marriage increased (long-term partnerships made legal)
  • Growing number of LGBT families with children
  • Concerted effort to capture full swath of diverse LGBT population

What’s behind the disparity between the financial status of gay vs. straight populations

  • LGBT respondents tend to be younger than gen pop
  • Financial crisis among LGBT youth lacking family support
  • Issues of implicit bias in workplace (gap in wages based on gender, sexual orientation)
  • Significant portion of community includes people of color

Why a higher percentage of the LGBT community considers themselves to be ‘spenders’

  • 48% (versus 32% of gen pop)
  • Perhaps due to lower rate of marriage, children
  • May be unable to save, focused on getting by
  • Higher cost of living in urban core

Why LGBT couples tend to do better financially than individuals

  • Decisions affect two people
  • Long-term thinking

How to interpret the data around LGBT individuals feeling anxious about a lack of savings

  • ‘Everybody is worried’
  • Straight pop only 10% more likely to say ‘prepared to make wise financial decisions’

How financial service providers can help people engage with financial planning

  • Education around small steps that make big impact
  • Online digital tools to help assess how much needed for retirement
  • Representation of LGBT community in media
  • Aging tool to help people see themselves in future

The changing face of retirement

  • People staying active after retirement, living longer
  • Taking control of own retirement vs. counting on employer
  • Can no longer bank on social security

The importance of having a financial advisor

  • Help make ‘most of what you have, whatever you have’
  • Want to help meet financial goals

What’s next for Prudential’s LGBT Financial Experience Survey

  • New research model
  • Compare data against all audiences at once
  • Understanding of individual groups
  • Compare across different populations

How Prudential utilizes the information

Connect with Josh and Supriya

Resources

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